turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

mat1105
New Member

I made approximately $300 last year on my side biz. I think I have to submit a Schedule C...but does that mean I'm paying more by not taking the standard deduction?

I have a very small side business (photography) that made about $300 last year.  I had about $50 in expenses.  I think I must submit a Schedule C...but does that mean I pay more taxes than I would if I could take the standard deduction?  What are my options?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

I made approximately $300 last year on my side biz. I think I have to submit a Schedule C...but does that mean I'm paying more by not taking the standard deduction?

Don't confuse itemized deductions on schedule A with your business expenses/deductions on schedule C. They are separate. For Schedule A personal deductions, you get to take your itemized deductions or the standard deduction, whichever is larger.

You get to take both,  your business expenses AND the Standard Deduction (or your personal Itemized Deductions).

View solution in original post

2 Replies

I made approximately $300 last year on my side biz. I think I have to submit a Schedule C...but does that mean I'm paying more by not taking the standard deduction?

Don't confuse itemized deductions on schedule A with your business expenses/deductions on schedule C. They are separate. For Schedule A personal deductions, you get to take your itemized deductions or the standard deduction, whichever is larger.

You get to take both,  your business expenses AND the Standard Deduction (or your personal Itemized Deductions).
mat1105
New Member

I made approximately $300 last year on my side biz. I think I have to submit a Schedule C...but does that mean I'm paying more by not taking the standard deduction?

Thank you VolvoGirl!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies